Resistance to issue
f .V.Z. Press Association i AUCKLAND. February 7. Claims that stock exchange members had been authorised to act in the prospectus of Western Real Estate Development Corporation—subsequently denied by the Stock Exchange Association —had arisen through a “misunderstanding,” the president of Western (Dr D. R. Van Leuven said in Auckland. A California property developer functioning like an offshore fund. Western is offering a SUS3O million stock issue in New Zealand. I According to Dr Van Leu- ' ven, however, it has so far attracted “only a couple of thousand dollars” from three or four New Zealand investors.
Dr Van Leuven is on a brief visit to check on plans to develop at least a limited sales programme in New Zealand. But he wants to hold talks with stock exchange officials in Sydney—where Western has also encountered some resistance to its i issue—before opening negotiations with their New Zealand counterparts. ! Incorporated in Panama, ■ Western held its annual meeting in Hong Kong late | last month. Four stockholders had attended, but many more had been represented by proxies.
Most sales of the company’s stock had been made in Europe and in the AsiaPacific region, particularly Hong Kong.
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Bibliographic details
Press, Volume CXIV, Issue 33454, 8 February 1974, Page 12
Word Count
196Resistance to issue Press, Volume CXIV, Issue 33454, 8 February 1974, Page 12
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